EastGroup Properties (NYSE:EGP) Releases FY 2024 Earnings Guidance

EastGroup Properties (NYSE:EGP) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 8.170-8.370 for the period, compared to the consensus EPS estimate of 8.330. The company issued revenue guidance of -. EastGroup Properties also updated its FY24 guidance to $8.17-$8.37 EPS.

Analyst Ratings Changes

Several brokerages have recently weighed in on EGP. Evercore ISI reduced their target price on shares of EastGroup Properties from $190.00 to $178.00 and set an in-line rating on the stock in a research note on Thursday. Truist Financial lifted their target price on shares of EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a research note on Tuesday, February 20th. Barclays started coverage on shares of EastGroup Properties in a research report on Wednesday, March 27th. They set an equal weight rating and a $181.00 price target on the stock. BMO Capital Markets assumed coverage on shares of EastGroup Properties in a research note on Monday. They issued an outperform rating and a $190.00 price target on the stock. Finally, Mizuho reissued a neutral rating and issued a $185.00 target price on shares of EastGroup Properties in a report on Tuesday, April 2nd. Ten investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $189.00.

EastGroup Properties Stock Performance

Shares of NYSE:EGP traded up $0.14 during midday trading on Friday, reaching $155.88. The company’s stock had a trading volume of 75,674 shares, compared to its average volume of 287,048. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $7.48 billion, a PE ratio of 33.89, a P/E/G ratio of 2.50 and a beta of 0.93. EastGroup Properties has a twelve month low of $154.75 and a twelve month high of $188.85. The stock has a fifty day moving average of $175.93 and a 200 day moving average of $175.25.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $1.27 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 annualized dividend and a yield of 3.26%. EastGroup Properties’s dividend payout ratio (DPR) is 110.20%.

Insiders Place Their Bets

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total transaction of $456,850.00. Following the sale, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by insiders.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.